Bill To Authorize Sports Betting Introduced In New York

A bill to legalize sports betting has been introduced in the New York state Senate.

Republican Sen. John Bonacic of Orange County announced his proposal Thursday. It would authorize sports betting in casinos and online, and subject casino sports betting to an 8.5 percent tax on gross revenue.

Sports betting operators would also pay a fee to sports leagues to support efforts to combat cheating or game fixing.

Bonacic says his proposal is needed to ensure New York is ready if the U.S. Supreme Court lifts the federal ban on sports betting in most states. New Jersey is currently challenging the law that restricts sports betting to Nevada and three other states.

Bonacic estimates that his proposal would raise between $10 million and $30 million for the state annually.